Wednesday, July 15, 2009

State’s economic efforts praised

Louisiana landed atop a regional magazine’s ranking of top Southern economic development states for the second time in three years, and the state is showing signs of improving its standing nationally.

Southern Business & Development magazine named Louisiana its 2009 Co-State of the Year, along with Tennessee, based on jobs and capital investment attracted in 2008.

On the national scene, Chicago-based Pollina Corporate Real Estate Inc. has rated Louisiana in the middle of the pack for business climate — but with a decided improvement from 40th in 2008 to 27th in 2009.

Gov. Bobby Jindal touted the Co-State of the Year honor while on his Louisiana Working Tour in the state Tuesday.

“Southern Business & Development ranking us in the top slot in the region is further proof that our efforts to grow our economy are working,” Jindal said in a statement. “And we are only getting started.”

The magazine awards points for jobs and capital investment generated by economic development deals. Louisiana’s 310 points topped Tennessee’s 290 points, but the publication also looks at intangibles, such as the magnitude of the economic development projects and their potential for economic impact. More here.

Place Marketing Defined

Place marketing means designing a place to satisfy the needs of its target markets. It succeeds when citizens and businesses are pleased with their community, and the expectations of visitors and investors are met.

The potential target markets of place marketing are defined as place customers, which are producers of goods and services, corporate headquarters and regional offices, outside investment and export markets, tourism and hospitality, and new residents.